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<\/a><\/p>\nTurbo Tax\u2019s promise to their customers is to help them complete their taxes quickly, easily, and to maximize their refund [5].\u00a0 Turbo tax has eliminated much of the anxiety and unknown when it comes to filing taxes.\u00a0 They are able to do this at a low price point, and provide their customers the ability to complete their taxes at their convenience.\u00a0 \u00a0Tax payers no longer have to pay large sums of money and schedule an appointment at a brick and mortar tax professional service.<\/p>\n
Turbo Tax\u2019s operating model delivers on their promise by offering four main products provided through one of two platforms so that a customer can pick the best product to fit their needs.\u00a0 An individual looking to complete their taxes can either sign up for one of the four packages online or order the CD\/Download version.\u00a0 The four CD\/Download product features are Basic, Deluxe, Premier, and Home & Business which range in prices from $39.99 to $109.99 [6].\u00a0 One significant way Turbo Tax simplified the tax filing process is that they partnered with over 1 million companies and financial institutions to allow customers to securely import multiple W-2s, 1099-INTs and 1099-DIVs automatically [7].\u00a0 This can eliminate time and the possibility of errors when manually inputting information.\u00a0 Additionally, Turbo Tax saves personal information which makes filing taxes in future years easier, this encourages customers to continue to return to Turbo Tax year after year.<\/p>\n
There are two ways Turbo Tax could improve their business and attract more customers.\u00a0 The first improvement opportunity is to target first time tax filers, or young adults.\u00a0 They could provide these potential customers with a heavily discounted service to attract them to the website through social media platforms.\u00a0 It is important to capture these younger customers early, because they have an incentive to use the same online platform if their data is saved to provide simplicity in future years.\u00a0 Over time Turbo Tax can increase the price on these users as their taxes become more complicated as they get married, have children, buy a home, start investing, or become small business owners.<\/p>\n
Turbo Tax could also improve their customer base by targeting individuals older than the millennial generation who may not trust online platforms. \u00a0These potential customers may be comfortable with paying higher costs to their local and long time accountants.\u00a0 Turbo Tax could offer this market a free service after they file their taxes in a given year, and have them submit their tax information into the website to show what their cost savings could have been had they filed online with Turbo Tax.\u00a0 This gives the customer an opportunity to get familiar with the platform in a stress free environment by removing any time constraints, because their taxes have already been completed for that year.\u00a0 Turbo Tax could send these potential customers an email the following tax season and offer them a discount.\u00a0 An additional benefit to this program is that a lot of their personal information will be in the system, and the process will take less time and be less stressful than a normal first time user.<\/p>\n
Turbo Tax and the digitization of the tax filing industry has made filing taxes much more simple, reduced errors, and saved tax payers time and money.\u00a0 As the millennial generation gets older and begins to file taxes for themselves, Turbo Tax\u2019s potential customer base will continue to grow.\u00a0 As Turbo Tax evolves to the ever changing tax laws, they can continue to offer American taxpayers an affordable and simple way to complete their taxes.<\/p>\n
Word Count (without citations): 786<\/strong><\/p>\nReferences:<\/strong><\/p>\n[1] National Constitution Center Staff. \u201cBenjamin Franklin\u2019s last great quote and the Constitution\u201d. Yahoo News, November 13, 2016. Web. Nov. 2016. <https:\/\/www.yahoo.com\/ news\/benjamin-franklin-last-great-quote-constitution-100220284.html>.<\/p>\n
[2] \u201cU.S. Taxpayers efiled More Than 128 Million Returns in 2016.\u201d Web. Nov. 2016. <http:\/\/ www.efile.com\/efile-tax-return-direct-deposit-statistics\/>.<\/p>\n
[3] IRS. \u201cMore Taxpayers Filing from Home Computers in 2014, Many Taxpayers Eligible to Use Free File.\u201d March 13, 2014.\u00a0 Web. Nov. 2016. <https:\/\/www.irs.gov\/uac\/newsroom\/more-taxpayers-filing-from-home-computers-in-2014-many-taxpayers-eligible-to-use-free-file>.<\/p>\n
[4] Treasury Inspector General for Tax Administration. \u201cResults of the 2015 Filing Season.\u201d August 31, 2015. Web. Nov. 2016. <https:\/\/www.treasury.gov\/tigta\/auditreports\/2015reports\/ 201540080fr.html>.<\/p>\n
[5] \u201cIntuit Turbo Tax.\u201d Web. Nov. 2016. <https:\/\/turbotax.intuit.com>.<\/p>\n
[6] \u201cWhich Turbo Tax CD\/Download product is right for you?\u201d Web. Nov. 2016. <https: \/\/turbotax.intuit.com\/personal-taxes\/cd-download\/>.<\/p>\n
[7] \u201cIntuit Turbo Tax.\u201d Web. Nov. 2016. <https:\/\/turbotax.intuit.com>.<\/p>\n
Featured Image 1: Digital image. \u201cBenjamin Franklin Quote.\u201d Web. Nov. 2016. < http:\/\/izquotes. com\/quote\/301559>.<\/p>\n
Figure 1: Treasury Inspector General for Tax Administration. \u201cResults of the 2015 Filing Season.\u201d August 31, 2015. Web. Nov. 2016. <https:\/\/www.treasury.gov\/tigta\/auditreports\/ 2015reports\/ 201540080fr.html>.<\/p>\n","protected":false},"excerpt":{"rendered":"
The answer to this question for many first year Harvard MBA students, myself included, is yes! Turbo Tax, and its competitors, drastically changed the way many American taxpayers do their taxes.\u00a0 April 15th is no longer a day to be […]<\/p>\n","protected":false},"author":2573,"featured_media":20064,"comment_status":"open","ping_status":"closed","template":"","categories":[],"class_list":["post-20010","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/digitization-challenge-2016\/","yoast_head":"\n
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<\/a><\/p>\n